The fashion rental company Rent the Runway Inc is hoping to raise US$315mln from an initial public offering (IPO) on Nasdaq, giving it a market value of almost US$1.5bn.
The company announced in a filing that it plans to sell 15mln shares at between US$18 and US$21 each in the IPO.
READ: Clothing rental platform Rent the Runway to float on Nasdaq
Rent the Runway's Closet in the Cloud offers a wide assortment of items for every occasion, from evening wear and accessories to ready-to-wear, workwear, denim, casual, maternity, outerwear, blouses, knitwear, loungewear, jewelry, handbags, activewear, ski wear, home goods and kidswear..
The company saw subscriber numbers fall during the pandemic, but there has been a rebound with the lifting of restrictions on socialising.
Subscribers were down to 95,245 in 2020 from 147,866 in 2019, but active subscribers more than doubled to 111,732 in the first nine months of 2021.
Rent the Runway has appointed Goldman Sachs, Morgan Stanley and Barclays as the lead underwriters for the offering.